Monday, November 10, 2014

Investor buys second apartment community in Far North Dallas neighborhood

The Linda Vista apartments were built in 1980. (Performance Properties)
An investor has purchased an apartment community in Far North Dallas, bringing its holdings in the neighborhood to almost 800 units.
Performance Properties LLC bought the 370-unit Linda Vista Apartments at 13450 Maham Rd near North Central Expressway and LBJ Freeway.
It’s the second purchase the company has made in the neighborhood since last year.
Linda Vista is an 18-building apartment community that was built in 1980. The property is almost fully leased.
The new owners plan to remodel the buildings’ exteriors and common areas. They will also make upgrades to the individual rental units.
“Being across Central Expressway from Texas Instruments and at the base of the Telecom Corridor with more than 82,000 jobs, we believe this location is a very strategic investment,” David McQuaid, president of Performance Properties, said in a statement.  ”We’ve been watching this neighborhood improve steadily over the last three to five years.”
The firm also bought the Vista Buena Apartments at 13350 Maham Rd and is spending $1 million to improve the property.
Linda Vista Apartments was purchased from KV7 Copper LLC. Taylor Snoddy of Transwestern brokered the sale. Terms of the sale were not disclosed.